PTC Comparison of Answers....

Hayley

Hi all, how did you find the PTC exam? Just wondered if anyone has similar-ish answers to me...

Section 1
Rental income
£8,092
Employment income
£45,353
Total tax payable around £4,521

Section 2
Total income tax payable around £3,027

Gain on painting before TR - £45,669
Total taxable gains, after TR - £27,754
Total CGT payable £7,177

Becca

Hayley wrote: »

Hi all, how did you find the PTC exam? Just wondered if anyone has similar-ish answers to me...

Section 1
Rental income
£8,092
Employment income
£45,353
Total tax payable around £4,521

Section 2
Total income tax payable around £3,027

Gain on painting before TR - £45,669
Total taxable gains, after TR - £27,754
Total CGT payable £7,177

I have similar-ish answers... I think.

anastasia

Hi all.
These are my answers:

1.1. 2188
1.2. 45,353
1.3. 8,290
1.5. 4,251

2.1.4,425
2.2. 7,429
2.3. 46,139
2.4. 27,745
2.5. a) 3,467
b) 7,573.

In writing questions, I said that as accomodation is job related there will be no tax implications, but I've forgotten that he'd need to pay expenses restricted to 10% of his employment income.
Also I screwed up penalties a little bit, saying that it will be £100 and additional £100 after 31 July 09.

po1988

hello do you remember the figures for the shares?

anastasia

po1988 wrote: »

hello do you remember the figures for the shares?

Hi, sorry, I've written down my answers but don't remember any figures.

cookymonstar

anastasia wrote: »

Hi all.
These are my answers:

1.1. 2188
1.2. 45,353
1.3. 8,290
1.5. 4,251

2.1.4,425
2.2. 7,429
2.3. 46,139
2.4. 27,745
2.5. a) 3,467
b) 7,573.

In writing questions, I said that as accomodation is job related there will be no tax implications, but I've forgotten that he'd need to pay expenses restricted to 10% of his employment income.
Also I screwed up penalties a little bit, saying that it will be £100 and additional £100 after 31 July 09.

Hi there

my answers are

1.1 - 2188
1.2 - 45352
1.3 - 8290
1.5 - 4805 -where have i gone wrong - i know i didnt raise the basic rate band... and i dont think i should of cos the pension was occupational??

2.1 - 4425 75% taper
2.2 - 7429 85% taper
2.3 - 46139 60% taper
2.4 - 27745
2.5 a - 4572
1.5 b - 8578 - wher have i gone wrong on tax calc again - was there something in this section to increase rate band??


hope you can help - as many others have your same figures, so im worried that i have used the wrong band rate -

cookymonstar

Becca wrote: »

I have similar-ish answers... I think.

Hi there

my answers are

1.1 - 2188
1.2 - 45352
1.3 - 8290
1.5 - 4805 -where have i gone wrong - i know i didnt raise the basic rate band... and i dont think i should of cos the pension was occupational??

2.1 - 4425 75% taper
2.2 - 7429 85% taper
2.3 - 46139 60% taper
2.4 - 27745
2.5 a - 4572
1.5 b - 8578 - wher have i gone wrong on tax calc again - was there something in this section to increase rate band??


hope you can help - as many others have your same figures, so im worried that i have used the wrong band rate -

Hayley

Hiya, I went into the HR tax band for the CGT, did you?

Hayley

Anastacia, your 2.5 b sounds more familiar than what I had originally said. Just rings a bell!

With the penalties I said that any outstanding liability would be charged interest, and if not paid within the first 28 days a surcharge will be charged at 5% of the liability with a further 5% if not paid beyond that. Do remember hearing the £100 rules though, although is this for a late return rather than an unpaid one? Hmm, not sure!

anastasia

Hayley wrote: »

Anastacia, your 2.5 b sounds more familiar than what I had originally said. Just rings a bell!

With the penalties I said that any outstanding liability would be charged interest, and if not paid within the first 28 days a surcharge will be charged at 5% of the liability with a further 5% if not paid beyond that. Do remember hearing the £100 rules though, although is this for a late return rather than an unpaid one? Hmm, not sure!

I think it was the right answer.
Yeah, I mixed it up with late return filing.

anastasia

cookymonstar wrote: »

Hi there

my answers are

1.1 - 2188
1.2 - 45352
1.3 - 8290
1.5 - 4805 -where have i gone wrong - i know i didnt raise the basic rate band... and i dont think i should of cos the pension was occupational??

2.1 - 4425 75% taper
2.2 - 7429 85% taper
2.3 - 46139 60% taper
2.4 - 27745
2.5 a - 4572
1.5 b - 8578 - wher have i gone wrong on tax calc again - was there something in this section to increase rate band??


hope you can help - as many others have your same figures, so im worried that i have used the wrong band rate -

1.5. I think that guy paid both occupational and private pension contributions (£200 a month for private one or something like that), so it had to be extended.
2.5. I don't remember any of the questions, sorry, so can't tell where you went wrong. Did you remember to take off personall allowance to calculate employment taxable income?

cookymonstar

hi
i now know that in sect one i didnt increase tax band as i didnt spot the PPP - gutted-but must be my only mistake
in sect i now realise i took the income from emp as already having had the pa deducted - so my end result higher again-

anastasia

cookymonstar wrote: »

hi
i now know that in sect one i didnt increase tax band as i didnt spot the PPP - gutted-but must be my only mistake
in sect i now realise i took the income from emp as already having had the pa deducted - so my end result higher again-

You should still pass, so don't worry about it!